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5,855 comment(s). Last comment by Jenova at Jan 17, 2020 10:04 PM
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陳 彥霆
745 posts

Posted by 陳 彥霆 > Nov 21, 2019 4:55 PM | Report Abuse

“Excluding the impact of the deferred taxes, Icon registered a core pre-tax profit of RM5 million in 2Q2019 after six consecutive quarterly losses on improved OSV utilisation,” says Maybank.

“Coupled with an improving operating outlook, the recent weakness in share price post its restructuring plan is an opportunity to buy. Hence, we upgrade Icon to a ‘buy’, on an unchanged target price of 8.5 sen.”

In August, Icon named Datuk Seri Hadian Hashim as its new managing director, effective Sept 3.

Hadian was the founder of Sona Petroleum Bhd, a special-purpose acquisition company that was ultimately unsuccessful. It will be interesting to watch how Icon performs with his appointment.

https://www.klsescreener.com/v2/news/view/602856?fbclid=IwAR3qEorJT51z_2M1QzwIYG_KCKFUp2FKCA5r5jihgFKkp_fwkmoOmYJJVfM


Mabel
4907 posts

Posted by Mabel > Nov 21, 2019 6:02 PM | Report Abuse

Good closing..

Tomorrow it will climb another 1.5 sen..

To 10 with loves..


longvalley
1783 posts

Posted by longvalley > Nov 21, 2019 6:15 PM | Report Abuse

Gd move.....


monetary
950 posts

Posted by monetary > Nov 21, 2019 8:01 PM | Report Abuse

26 AGM. If proposal goes through no $ to subscribe RI how ar? can see heavy dumping ka?


T800Terminator
1379 posts

Posted by T800Terminator > Nov 21, 2019 8:20 PM | Report Abuse

Operator left to right hand. Will get trapped.


lurhays
183 posts

Posted by lurhays > Nov 21, 2019 8:34 PM | Report Abuse

super penny stock only for those bravely steel heart to play with... truely gambling scene as one could be high gain or one could be hard lost just by a single change price...!!!!


thesteward
3211 posts

Posted by thesteward > Nov 22, 2019 10:19 AM | Report Abuse

Read the reports by Maybank


thesteward
3211 posts

Posted by thesteward > Nov 22, 2019 10:20 AM | Report Abuse

Evaluate the risk and return


thesteward
3211 posts

Posted by thesteward > Nov 22, 2019 10:21 AM | Report Abuse

At 0.055 with last q PBt a huge improvement I think this is ok risk vs return !


monetary
950 posts

Posted by monetary > Nov 22, 2019 10:36 AM | Report Abuse

ever $2500 u buy later must fork out $10k for RI.


tkl88
2172 posts

Posted by tkl88 > Nov 22, 2019 11:10 AM | Report Abuse

monetary, what to worry for the reputable upstream profitable O&G company!
If RI, i plan to Sailang all my belongings till underwear to subscribe all the RI and those shares not been subscride !
*P/S: Actually we can subscribe the shares more than we being allocated on RI,
There got one name or term for this call what i forgotten already,
I know this coz i previously got bought more what i allocated for RI before...
And when the share price spike up to the moon, you will really Jia Bui Liao !

Huat ah ! Heng ah ! Ong ah !


monetary
950 posts

Posted by monetary > Nov 22, 2019 11:21 AM | Report Abuse

just reminding those who don't have enough fund to subscribe not to buy too many :)


Mabel
4907 posts

Posted by Mabel > Nov 22, 2019 3:52 PM | Report Abuse

Maybank TP 8.5


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 5:48 AM | Report Abuse

tkl88 monetary, what to worry for the reputable upstream profitable O&G company!

Reputable upsteam profitable O&G Co?

Icon??????? OMG


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 6:14 AM | Report Abuse

I modified a bit on my calculations on HHGroup for ICON

Assuming yr cost of Icon is RM0.05

After 50 into 1 shares consolidation yr cost will be Rm2.50...then after ex rights issues of 175 for 1 at Rm0.06 (capital outlay RM10.50) the mother price likely will be adjusted to ard Rm0.07.

I think the massive rights issue will be under subscribed due to 400%+ extra funds needed to be pumped in...thus for anyone who wanna bet on Icon may find it cheaper to buy OR then

Bsides, the rights issues is mainly to raise fund to pare down co debts...the outlook is still sucks

Btw, the number of shares will be balloned from 1.177B to 5.573B upon completion of the whole exercise (rights issues/debts restructuring n warrants conversion)....


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 8:31 AM | Report Abuse

CharlesT

Thanks for sharing this with us..

Will it cost any additional money? or is it enough with what we have already bought?


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 9:18 AM | Report Abuse

I dont understand what u meant...it u want to go thru the rights issues u need to fork out additional 300% fund for it...or else u will suffer heftly losses in yr mother shares after ex rights issues...alternately u can sell yr OR if u dont want to susbsribe the rights issues


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 9:19 AM | Report Abuse

If u dont know the impact of this massive rights issues u better study thru it....or else could lose like hell


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 9:21 AM | Report Abuse

Ops typo...400% io 300%


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 9:55 AM | Report Abuse

The best hope now is that boss will goreng with mbb's tp n catch some waterfish here who believe this is a reputable n profitable oil n gas co n then more money (400%) fm waterfish for the coming rights issues...

This could be their gameplan now...


CharlesT
8198 posts

Posted by CharlesT > Nov 23, 2019 9:58 AM | Report Abuse

Ipo rm1.85...now 0.045 n massive capital consolidation n rights issues...

A reputable n profitable o&g co........


tkl88
2172 posts

Posted by tkl88 > Nov 23, 2019 2:45 PM | Report Abuse

Felt can't wait the RI to announce...
i already fork out 1000% of the capitals to
subscribe all my RI and also apply as much as possible the Excess !
Hopefully can get all the Excess that i apply!

Huat ah ! Heng ah ! Ong ah !


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 4:17 PM | Report Abuse

@
CharlesT I dont understand what u meant...it u want to go thru the rights issues u need to fork out additional 300% fund for it...or else u will suffer heftly losses in yr mother shares after ex rights issues...alternately u can sell yr OR if u dont want to susbsribe the rights issues
23/11/2019 9:18 AM



What is OR?

What happens if I don't want to subscribe to the right issued?

What happens if I want to subscribe to the RI? Can't I just stick to my current Mother shares?


T800Terminator
1379 posts

Posted by T800Terminator > Nov 23, 2019 9:52 PM | Report Abuse

Best entry price is 0.015 prior RI. Look at the recent transaction, retailer not many. Only left to right hand to lure retailer. Wanna make fast profit, don’t against the operator. 0.005 profit sell ASAP.


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:07 PM | Report Abuse

T800 you are not answering my question...


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:08 PM | Report Abuse

A rights issue is an invitation to existing shareholders to purchase additional new shares in the company.

In a rights offering, each shareholder receives the right to purchase a pro-rata allocation of additional shares at a specific price and within a specific period (usually 16 to 30 days). Hence we need to see what will be offered to us.

Shareholders are not obligated to exercise this right.

Cash-strapped companies can turn to rights issues to raise money when they really need it.


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:10 PM | Report Abuse

Rights Offering Disadvantages

Sometimes, rights offerings present disadvantages to the issuing company and existing shareholders. Shareholders may disapprove because of their concern with dilution. The offering may result in more concentrated investor positions. The issuing company, in an attempt to raise capital, may find that additional required filings and procedures associated with the rights offering are too costly and time-consuming; the costs of the rights offering may outweigh the benefits (cost-benefit principle).

So if it is not good we can oppose this RI Offering


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:12 PM | Report Abuse

Until the date at which the new shares can be purchased, shareholders may trade the rights on the market the same way that they would trade ordinary shares. The rights issued to a shareholder have value, thus compensating current shareholders for the future dilution of their existing shares' value. Dilution occurs because a rights offering spreads a company’s net profit over a larger number of shares. Thus, the company’s earnings per share, or EPS, decreases as the allocated earnings result in share dilution.


DickyMe
4519 posts

Posted by DickyMe > Nov 23, 2019 10:12 PM | Report Abuse

@Marble,

Why don't want to subscribe to the right issued?

Why want to subscribe to the RI?
Why stick to your current Mother shares?


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:15 PM | Report Abuse

As a shareholder, you have three options with a rights issue. You can (1) subscribe to the rights issue in full, (2) ignore your rights, or (3) sell the rights to someone else.


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 10:15 PM | Report Abuse

Here's a good read...

https://www.investopedia.com/investing/understanding-rights-issues/


DickyMe
4519 posts

Posted by DickyMe > Nov 23, 2019 10:36 PM | Report Abuse

"Cash-strapped companies can turn to rights issues to raise money when they really need it."
So, you want to be the "banker" instead of being the investor?

What makes you think that they can fulfill their promises?
Are you a fan of KYY who advocates buying any company which shows 2 positive quarters?
Or, is it because the dirt cheap price and hoping for an instant spark to cash on later, like a punter?


Mabel
4907 posts

Posted by Mabel > Nov 23, 2019 11:22 PM | Report Abuse

It's both Dicky...


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:02 AM | Report Abuse

If Alam can do so can Icon.

In addition ICON is backed by strong shareholders..


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:04 AM | Report Abuse

2Q19: Turnaround at operating level

OSV sector has bottomed; U/G to BUY 1H19 core loss came in below (worse) than our loss expectation, due mainly to deferred taxes in 2Q19. Otherwise, it would have met our expectation for operationally breaking-even in the quarter on higher OSV utilisation. Coupled with an improving operating outlook, the recent weakness in share price post its restructuring plan is an opportunity to BUY. Hence, we upgrade Icon to a BUY, on an unchanged TP of MYR0.085, pegged to 10x 2020 PER, equal to its 5-year mean valuations.


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:04 AM | Report Abuse

2Q19: Operationally in the black but hit by taxes

Icon reported a core net loss of MYR2.7m, which was skewed mainly by higher taxes of MYR6m (138% effective tax rate) due to under provision of tax at one of its subsidiaries (MYR3m) in prior years. That took its 1H19 core loss to MYR11m, which was worse than our FY loss estimate of MYR3m for FY19. Excluding the impact of the deferred taxes, Icon registered a core pretax profit of MYR5m in 2Q19 after six consecutive quarterly losses on improved OSV utilization (50%; +4% QoQ).


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:05 AM | Report Abuse

Revised FY19E earnings

Maybank has raised our FY19E net loss to MYR8m from MYR3m to incorporate the higher taxes (+MYR5m) but are keeping FY20-21 profit estimates unchanged. We are encouraged that it made profit at a 50% OSV utilisation level. Again, the key driver of the turn from loss this year to profits the next two is lower interest expense and higher OSV utilization


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:06 AM | Report Abuse

Recovery in motion

We remain positive on Icon’s recent debt restructuring proposal to recapitalise its balance sheet. While the planned restructuring exercise will result in a massive enlarged share base (+110%), its proforma net debt will also de-gear substantially to 1.1x (from 10x now), which will result in MYR18m p.a. savings in interest expense. The recent weakness in share price (-41%) post the exercise (unveiled 10 days ago) has priced in the dilution risk, in our view. With its OSV operations turning around, a successful implementation of this deal is a re-rating catalyst. An uptick in DCR is another catalyst, which we opine will materialise soon following a similar recovery in the offshore drilling space.


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:07 AM | Report Abuse

Value Proposition

 One of Malaysia’s largest OSV providers; dominant in AHTS and AWB with a relatively young fleet (7 years).
 Vessels are Malaysia-flagged and will be able to capitalise on the stringent Malaysian cabotage rules.
 Icon is going through a challenging macro environment, as it faces bottoming of DCR but gradual recovery of OSV utilisation.
 Returns outlook is improving but the pace of recovery will be gradual, backed by its continuous efforts to optimise costs and OSV utilisation.
 M&A action is a key catalyst to unlocking values.


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:35 AM | Report Abuse

Icon Offshore: Wins RM36m contract from Petronas Carigali. Icon Offshore has secured a RM36m contract from Petronas Carigali SB to provide an offshore support vessel for petroleum arrangement contractors’ production operation. It said the contract has a firm period of 695 days, expiring on Aug 1, 2021, with extension option of “one year plus one year”. Icon Offshore managing director Datuk Seri Hadian Hashim said as the industry recovers, the group hopes to secure more contracts through delivering value-added services to clients. (The Edge)


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:36 AM | Report Abuse

Q2 is Profitable
Q3 is expected to be Profitable


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:37 AM | Report Abuse

Bottom Line

If Alam can do it, so can Icon


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 12:38 AM | Report Abuse

Once Q3 reports Profits, Icon will jump back...


CharlesT
8198 posts

Posted by CharlesT > Nov 24, 2019 9:01 AM | Report Abuse

Who is icon's strong shareholders? Fm ipo rm1.85 to rm0.045 now....so strong ah??


CharlesT
8198 posts

Posted by CharlesT > Nov 24, 2019 9:05 AM | Report Abuse

The possible gameplan now for the strong shareholders for such a reputable n profitable oil n gas co is to goreng few cents higher so as to trap some waterfish n subsequently for their 400% fresh money in the rights issues...

Happy fishing for waterfishes


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 10:20 AM | Report Abuse

@CharlesT Who is icon's strong shareholders? Fm ipo rm1.85 to rm0.045 now....so strong ah??

Current price has been factored in. Turnaround at operating level

OSV sector has bottomed; U/G to BUY 1H19 core loss came in below (worse) than our loss expectation, due mainly to deferred taxes in 2Q19. Otherwise, it would have met our expectation for operationally breaking-even in the quarter on higher OSV utilisation. Coupled with an improving operating outlook, the recent weakness in share price post its restructuring plan is an opportunity to BUY. Hence, we upgrade Icon to a BUY, on an unchanged TP of MYR0.085, pegged to 10x 2020 PER, equal to its 5-year mean valuations.

Hallmark Odyssey Sdn. Bhd. 497,768,820 42.3%
Urusharta Jamaah Sdn. Bhd. 103,611,268 8.80%
JPMorgan Asset Management (Singapore) Ltd. 47,639,000 4.05%
Yayasan Hasanah 47,148,200 4.01%
Kumpulan Wang Persaraan 42,718,000 3.63%
Permodalan Nasional Bhd. 28,579,900 2.43%
Employees Provident Fund 28,427,000 2.41%
Malayan Banking Berhad 23,667,000 2.01%
Pacific Mutual Fund Bhd. 16,514,600 1.40%
Jamal bin Yusof 15,410,112 1.31%

Cheers!


CharlesT
8198 posts

Posted by CharlesT > Nov 24, 2019 10:24 AM | Report Abuse

Strong shareholders but lousy management?


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 10:26 AM | Report Abuse

They just changed the Management Charles

Q2 is Profitable
Q3 is expected to be Profitable


CharlesT
8198 posts

Posted by CharlesT > Nov 24, 2019 10:26 AM | Report Abuse

If u dont want to put yr money into the restructuring plan how to turnaround leh?


Mabel
4907 posts

Posted by Mabel > Nov 24, 2019 10:27 AM | Report Abuse

When Armada changed the CEO, things started to move...

I'm starting to see the same result here...

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